EX-11.1 2 a06-9718_1ex11d1.htm EX-11

EXHIBIT 11.1

 

THE NAVIGATORS GROUP, INC. AND SUBSIDIARIES

 

COMPUTATION OF PER SHARE EARNINGS

 

Earnings Per Share of Common Stock and Common Stock Equivalents

($ and shares in thousands, except per share data)

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2006

 

2005

 

 

 

 

 

 

 

Net income applicable to common stock

 

$

15,525

 

$

9,699

 

 

 

 

 

 

 

Average number of common shares outstanding

 

16,639

 

12,677

 

 

 

 

 

 

 

Net income per share - Basic

 

$

0.93

 

$

0.77

 

 

 

 

 

 

 

Average number of common shares outstanding

 

16,639

 

12,677

 

Add: Assumed exercise of stock options and vesting of stock grants

 

118

 

83

 

 

 

 

 

 

 

Common and common equivalent shares outstanding

 

16,757

 

12,760

 

 

 

 

 

 

 

Net income per share - Diluted

 

$

0.93

 

$

0.76

 

 

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